On Tuesday, New York MTA Construction & Development said it saved nearly $300 million in capital program cost savings as part of its 2023 Year in Review.
Released at the same time as its 2024 Strategic Plan, the year in review report outlined initiatives the MTA C&D took to drive down costs and deliver its capital program at scale, including some innovative delivery models, bundling projects together and cutting red tape. The agency said it completed more than $7 billion in capital projects, the highest in MTA history. After awarding more than $8 billion in new commitments, the agency said, awards came in 6.2 percent below the engineer’s estimate, saving nearly $300 million.
“MTA C&D is developing into a world-class capital delivery organization and has the results to prove it,” MTA Construction & Development President Jamie Torres-Springer said. “This Strategic Plan catalogs the progress we’ve made in the few short years since C&D was created and lays out a plan to accelerate it going forward.”
The report listed several projects completed faster and cheaper than anticipated, including Canarsie Tunnel’s rehabilitation phase, which was completed ahead of schedule and under budget; the Coney Island Yard resiliency upgrades, completed on budget; LIRR Third Track project, completed on time and $100 million under budget, and the LIRR Penn Station 33rd Street Concourse, which was completed on time and under budget.
MTA C&D said funding from congestion pricing will help continue these efforts. The funding will pay for reliability, accessibility, sustainability and state of good repair projects throughout the transit system, officials said.